tv Power Lunch CNBC June 28, 2012 1:00pm-2:00pm EDT
follow me on twitter. as always. and "power lunch" in a minute to follow the supreme court's upholding of the affordable care act. all of that and the market moves behind it, right now. "halftime's" over. the second half of your trading day begins now. scott and what a trading day it's already been. and what is ahead we will find out. the supreme court, of course, largely upholding the president's controversial health care law. president obama calling ate victory for the american people. governor romney calls it a tax and vowing to fight back strenuously. stocks taking a dive on the news and a take on why the industrials down 129d points at this point. major wildfires, of course, continuing to blaze out west. david faber's interview of rupert murdoch about the splitting of news corp.
banks hit with a wave of cuts and airbus to alabama. it is a busy, busy news day. we start with sue at the new york stock exchange and the big drop for stocks. sue? >> indeed, ty. thanks very much. you know, when i got down here at the new york stock exchange, i started to walk around and talk to traders about the supreme court decision this morning. a lot of people are confused, people surprised and now wondering what's going to happen as we get closer to the election. stocks right now down about 129 points as you mentioned on the dow jones industrial average. the s&p right now is down about 13.75. the nasdaq down about 43 points on the day. a huge selloff for gold and we have seen that volatility in the past couple of weeks. it continues. down 26 bucks on gold. in terms of the 10-year note, we saw a flight to quality pushing the yield down to 1.575%. kenny is the managing director of icap down here on the floor. you made an interesting point
about the fact that people are -- they're confused. they don't want to make a move in the market. >> that's right. the volume is low which tells you that people don't know what to do. the decision came out. i think it was contrary to what people thought it was and once again it causes people to sit around and re-evaluate what it means. romney came out right away against it, vowing to fight. we saw obama come out without really spiking the football and happy that it happened and trying to move on. it caused uncertainty in the summer and the election. >> there's no volume. >> people don't understand. couple wit the citibank downgrade of a number of banks. couple wit the european situation which we're seemingly getting nothing out of and same spot. mass confusion. >> mass confusion. down 129 points so obviously there is concern out there. i'm somewhat surprised we haven't gotten more significant headlines out of europe. not that anybody expects a
resolution, certainly. but it's almost radio silent for part of the day. >> i'm thinking that in the next i would imagine the next half an hour, an hour, we are getting something that's coming out of there. people are not expecting a whole lot but you're going to be hearing something, right? s&p technically going to test 1300 again, the 200-day moving average and there again i think you will see a lot of support there. i think there's money to be put to work. the buyers are not going to chase this market. no reason to. >> see you later in the show. >> you will. >> rick santelli's in chicago. there's another auction day in chicago and the money was flowing in to the 10-year note earlier this morning. continues to do so. rick, what's the grade? >> well, you know, i'm trying to think. yesterday was lassie. today is rin tin tin. we have a "d." the wi, the one issued market yield only trading around 1.063 bid offered at 1.047.
dutch auction, 1.075. higher yield. lower price. didn't price well. tailed badly. looking at a bid cover, 10 auction average is 1084. this bid to cover since october at 2.64. indirects at 42%. pretty much spot-on 10 action average. directs about half the average at 6%. in to the hands of dealers so once again we see some common threads. dealers played a big function in this auction process. we'd rather have investors play that role. and two back to back spongy auctions. i know the world has a lot of moving parts right now in the economy and then the finance and in the structure, but boy, it's pretty hard to put a bit of lipstick on these two auctions. back to you, tyler. >> all right. two dogs in a row. rick santelli, thanks. political implications of the health care decision are massive. in the middle of the
presidential race, of course. the president and the governor spoken in the last 90 minutes or so. john harwood is at the white house. >> reporter: it's a vindication of the signature domestic policy achievement of president obama's first term. he believes deeply to assist millions with the health care, cut costs in the long run. help the economy. he came out and made a statement hailing the ruling and acknowledged the politics may not be great. >> i know there will be a lot of discussion today about the politics of all of this. about who won and who lost. that's how these things tend to be viewed here in washington but that discussion completely misses the point. whatever the politics, today's decision was a victory for people all over this country whose lives will be more secure because of this law and the supreme court's decision to uphold it. >> reporter: now, of course, mitt romney is hoping to take advantage of the pollices which
show that in our poll this week, a pluralty of americans think it's a bad idea. whites nearly 2 to 1 think it's a bad idea and romney repeated the vow to do what the supreme court did not do today. that is to strike down obama care on its first day in office. >> what the court did today was say that obama care does not violate the constitution. what they did not do was say that obama care is good law or that it's good policy. obama care was bad policy yesterday. it's bad policy today. obama care was bad law yesterday. it's bad law today. >> reporter: and of course, tyler, both of the candidates are going to weave the health care arguments in to their discussion of why they think and how they think to improve the economy which is the issue that in the end of the day is going to drive this election. >> constitutionality, john, one thing. popularity quite another as you point out. we're talking about the
individual stocks affected by today's ruling. seema moody will tell us in a moment. but bertha is looking at the hospitals. >> take a look at the scorecard in terms of what the supreme court did, here's why things are moving the way they are. they upheld the mandate but they call it a tax and things that started now move forward. including the small business tax credits that allow people to buy -- the doughnut hole, the coverage for seniors when they need a little extra coverage to make up for their drug purchases. insurers now have to accept all customers. they can't discriminate on pre-existing conditions and age or sex or anything else and medical devicemakers face a big excise tax. today we're watching the hmos. they're all trading to the downside. to a certain extent, folks thought that the mandate was
going to be struck down. goldman, though, says this an incremental negative at the moment because of that thought that it was going to be struck down but they think the ruling implies less uncertainty than anything else. well care group is a mayor to the upside because they're a big medicaid and medicare player. citi says we think medicaid stocks go up 5% to 10% because the sense is many on the sidelines waiting for this decision. among the winners they think are centene and amerigroup. as far as the hospitals, seen as the net winners at goldman. this represents their best-case scenario because now they get more patients, less bad debt starting in 2014 and know how their balance sheets will look. however, there's still uncertainties here because there are also things in the law to alter medicaid advantage reimburseme
reimbursement. >> on the hospital stocks, more people covered by insurance means less charity chair that the hospital haves to pay out of their own reserves. >> but the thing is this is just the first shoe to drop. we have the elections and we have to see what happens -- >> post-election in to 2013. all right. thank you very much, bertha. let's move to seema moody covering the ruling. >> they're drug firms and agreed to significant price cuts and hope it's offset of individuals of mandate passedment they got that. that's good news for pharma. more americans will more likely take drugs now that they have insurance. however, drug firms continue to pay the 2% fee. if the health care law was overturned analysts were expecting a 1% to 10% increase to earnings as the fee would have been eliminated. analysts at jp morgan writing that since the aspects of the
law impacting the group of an expense side already in place which includes the doughnut hole fill and medicaid changes, today's decision doesn't have an impact or near term estimates for pharma. that gives you an idea of why we're not seeing a huge move in the large cap players. not as dramatic as other sectors. most of the large cap drug firms trading lower. >> basically lower the market lower overall. >> exactly. >> thank you very much. and bertha, thanks to you. democrat chris mulholland is live on capitol hill. congressman, welcome. good to have you with us. >> good to be with you. >> republicans attacked the decision as a tax. and basically, the supreme court justified it, found it constitutional, the mandate, that is, as a tax. what is your answer to that? is it a tax? and how will you try and
position this decision so that it does not come across politically as a tax? >> well, tyler, you can call it whatever you want. the idea is this. that every american should contribute something to the cost of their own health care because if everybody doesn't contribute something, it means the rest of us are left picking up the tab. it means everybody else has to pay more. we just -- you were just talking about bad debt for hospitals. hospitals don't eat that. taxpayers eat that through additional medicare payments. other people have to pay higher premiums when other people don't contribute. when's crazy about this conversation is that republicans have now become the party that do not care about personal responsibility. they're supporting the freeloaders driving up the cost to everybody else. >> congressman van hollen, i heard governor romney speak an hour or so ago and he made the case which frankly was rather news to me that some 20 million
americans, his number, not mine, will now not be able to have the insurance that is their choice. i thought this added people to the insurance pools. talk to me about that specific point. are people going to lose the insurance that they have come to rely on and like as a result of this? >> no. they're not. and the congressional budget is looked at that issue. and their conclusion is that romney's numbers are just wrong. what we have here is a case of misinformation. as you recall, we first heard that the health care law creates death panels. not true. and then we heard that it was a government takeover of health care. the nonpartisan group called that the lie of the year in 2010. then we heard it's unconstitutional and now hearing from mitt romney who supported this whole concept as governor of massachusetts. he understood that if you didn't ask everybody to contribute some everybody else had to pay more.
and we're going to see this continuing, misinformation coming. this is a good, new opportunity for us to talk to the american people about what this means for their lives because the american people as you know asking them about specific provisions they tend to like them. the whole health care law has been maligned and demagogued and this is a chance to restart that conversation. >> i want to get to the third issue. tax or not a tax. second one is are you adding people to insurance or losing. the third one is, what is the effect of this law on hiring and the overall level of employment in this country? you know the critics say that this is going to result in less hiring at the margins and that companies are going -- that might well have added to payrolls are going to think twice because it means they're going to have to buy insurance for those additional workers. >> i'm glad you asked this question because it's one of the republican talking points.
so, let's go to what we consider the nonpartisan referee here in congress. the congressional budget office. the head of the congressional budget officer asked that question a few weeks ago. his response was, they have detected no significant impact on hiring and the economy as a result of anticipation with respect to the health care law. these are the guys that call the balls an strikes. these are not the guys walking off the talking points. and so, i think they're the best judge as to what impact this is having. the good news from the point of the economy as well as the result of this decision is more certainty. we were hearing about the uncertainty caused by whether or not the law would be upheld and that would -- our republican colleagues saying they wanted more certainty now are the guys out there saying, well, they'll keep fighting this rear guard action and leave greater
uncertainty. >> all right. we have to leave it there. thank you. good to see you again. >> thank you. thank you. the same question i just asked congress van hollen to a republican representative, tom price from georgia. he's coming up and he, by the way, is a doctor with a unique point of view. we'll hear from the other side in a few minute's time. don't miss a special edition of "the kudlow report" at 7:00 eastern focusing entirely on the health care law, the decision today and the political impact of it. and moving on to yahoo! finance. we polled and asked whether you agree with the president's health care plan. almost 50,000 people voted. 33% of you said, yes. 63% in the poll said, no. 4% are just not sure. sue? ty, the dow jones industrial average down 136. one of the biggest drags is the financials. and you can see some of the biggest losses are by bank of
america which is down. jp morgan chase and citi cut. the question is, jeff kilberg, what's your take? longer term if you're bullish on the stocks today might be a day to step in. what do you think? >> i think trader haves a hard time to see the london whale swimming or rotting on the beach. we can't get the finger on the jp morgan and barclays slapped with the scandal. we've seen it all coming down and talked about this on tuesday if you recall in the analyze this segment. jp morgan, still hair on the dog. so i like blackrock. it's a nice, clean execution company. we're going to stick with it. look at the xlf. that's the etf for folks that have the financial stocks inside
the s&p 500. right here broken under the 50-day moving average and holding the 200-moving average and if the $14 level, a way for folks to play longer term and have the financial exposure. >> all right. thanks, jeff. see you in a little bit. coming up, our david faber goes one on one with rupert murdoch. >> when it comes to succession at now two separate companies and again with two boards, when are you going to let us know who conceivably is going to succeed you? >> ah, the answer to that question and many more coming up. plus, those horrible fires that have been raging out west, unfortunately, it is getting worse. an update as "power lunch" continues.
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the mayor of colorado springs now says hundreds of homes have been destroyed by the wildfires surrounding colorado's second largest city. more than 30,000 people have already been forced to evacuate, including from the air force academy. the fire's now spreading in utah and new mexico. ty? sue, the corporate story of the day, of course, confirmation that news corp. is splitting in two. one company for its tv and movie properties and another one for its publishing businesses. take a look at how the stock is doing right now. it's at $22 and change.
down 28 cents. i guess kind of buy the rumor, sell the news. david faber knowing rupert murdoch nor years just finished speaking with him. what struck you? what were the impressions? >> a lot of different impressions, of course, tyler, as you might imagine in terms of viewed of continued synergies between the two companies and separating. by the way, the conversation about separation has certainly been one that's taken place for many, many years. investors have embraced it over the last couple of days since the story first broke. so in speaking to mr. murdoch, my first question is simple one of, why now? >> you can always do better. and i'm not saying we managed it badly in the past. but, you know, the breadth of this company, the different things it's in, geographically, too, it all seemed to add up to make a lot of sense.
and, you know, once we'd said, let's try to do this, there was no point in delaying. >> will be about a year until it takes place and interesting to note that the heart of the answer seems to be about managing a company that has gotten bigger and bigger in some ways and the belief he will be able to focus or management will be able to focus far better on one business and another business as opposed to all being combined. of course, one business that's been a key part of news corp. is satellite television. the hacking scandal of the uk really would seem at least prevented the company from something it previously wanted to do. namely, buy in what it didn't already own. of b sky b and now according to murdoch there's a change in strategic direction. >> we have sort of moved on from that. >> you have? why? >> because it's $10 billion, $12
billion and i'm more bullish about this country than anything in europe. >> interesting to note, of course. i didn't follow at that point with whether to consider selling it and a question mark. we'll see whether they revisit buying in the remainder. perhaps a number of years down the road. and as for the publishing unit which many people expect will be not growing, in fact, negative growth if you will, murdoch comes back hard and says that will not be the case. he says a key part of that, of course, dow jones and i asked him, given the 2.8 billion losses on dow jones, the acquisition of a number of years back whether he regrets having done that deal. >> are you sorry you did the deal, dow jones? >> no. that's going to be the center of this whole thing. i think "the wall street journal" and may call the wsj will be a really great global brand. >> you may have heard a little
hint there. we may call it the wsj. remember robert thompson running the wsj or "wall street journal" ran the financial times and made the ft and taken the saturday edition already call it "wsj." tyler, it may be wsj.com that the paper becomes "the wsj." >> on the saturday edition, it is the "wsj" and distances it from the wall street business newspaper and now makes it a little more stealthily the national newspaper and the global newspaper i think he would like it to be. thank you very much. >> you're welcome. >> sue? when we come back on the down day on wall street what the health care decision means for your employees. doesn't matter if you work for a large, medium or even a small firm. you can expect an impact. we'll run you through what's coming up. first, five big movers all to the down side on this day which
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government to take up to 40% stake in mining projects. now, we know that tahoe resources is a leading supplier. should not affect its project. that's why we're off of the lows and still take a look at shares of tahoe resources still down better than 17%. sue? >> seema, thank you very much. take a look at the shares of weight watchers and nutrisystem. they were up today. that's gold to talk about in a little bit. selling off dramatically. we have weight watchers, trust me, and nutrisystem up on the day and investors believe could be that they benefit from the supreme court decision as more people are forced to take better care of themselves. wellness is the new word, the buzzword down here. if you don't know already, the supreme court ruled to uphold the most controversial part of the health care reform act. the individual mandate. ron fontanetta helps major
companies how to manage employee health insurance. good to see you. >> nice to be here. >> you said you were mildly surprised of what happened this morning, the decision by the supreme court. what are you telling companies at this point to expect and how to implement some of the requirements of this decision? >> well, sue, as you know there are aspects of the law that companies have had to implement already so the real major changes that we are going to see in the marketplace will occur in 2014. i think if there's a single take home message is that health care has a potential of changing dramatically not just because of the regulatory efforts or the judicial ruling but the private sector is taking many actions and one message to leave with employers is have a strategic plan. there are tremendous opportunities and pitfalls being able to think about what you want to act on and executing it
effectively will be very important. >> it seem that is one of the bigger issues is whether they choose to pay or play. in other words, pay and keep their employees on an existing health care plan that they offer through the company or funnel them in to some of the exchanges that may be formed as a result of this. is that how you see it? >> yes. that's a decision for employers to make. what is the future role? our sense is that most mid size and large employers will stay in the game, will continue to sponsor health care and there are a number of reasons for that. not the least of which is health care is a visible benefit and many of them believe they can do a better job than public exchanges. you might see a diver intelligence depending on which employee cohort we're speaking of. in the retiree health care space, we think there's immediate opportunities that many employers will take
advantage of and likely move retirees to public exchanges over two to three yores. >> okay. that's the opportunity would be to move them to the exchange? >> yes. >> or other aspects? >> we think better deals for retirees likely in the exchanges in a couple of years than what they might see in an employer sponsored plan. very different than likely to see in terms of reaction of actiact active ploys. >> a lot of hospitals rallying today taken steps to try to implement parts of the law but also they'll get paid and won't be as much charity chases that come to hospitals. when's your best advice for the larger corporations at this point versus the small mom and pop companies throughout? >> so i think your statement about the health care providers is an excellent one. it is a good example of how the private marketplace is likely to evolve fairly dramatically. for example, the health insurers
in this country as we speak even proceeding this decision are working with major health systems in virtually every metropolitan area in the united states to try to form partnerships, to try to work with health -- i'm sorry, work with major provider systems for better forms of integrated care. they're likely to be held more accountable for the prices they charge, for the care that's delivered. >> right. >> health plans have an important role in that. employers either directly or indirectly increasingly will have an increasing role in that. it's a manifestation of how the marketplace is likely to evolve quickly and dramatically. >> thank you, ron. good to see you. thank you for coming in. >> thank you. a few moments ago we showed you the gold market faring. a big selloff today. brian shactman is tracking the action for us at the nymex. >> not a lot of attention but $29 off of the highs here. selling obviously accelerated in the wake of the supreme court
decision. basically dragged down by the equities and safe havens, gold clearly not there. most of the selling with the dollar strength and the euro weakness on the day and near the lows shutting down here close to 50 and 50 and not a healthy sign closing near the lows. look at silver, the biggest loser of all the metals and accelerating. gold at the lows of the month and silver not far behind it. with copper, kind of interesting. we view it as a proxy of global growth and outperformed the metals on the day. maybe with health care in europe, not getting the attention. but the major takeaway to give you is one trader said there's heavy fund short interest in a lot of metals, especially copper. so when some attention comes back here tomorrow, pay attention, tyler, to the metals, especially copper. could be a lot of volatility in trading tomorrow. >> brian, thank you very much. when we return, airbus flies
the chrome browser will be available. it was not available before. apple safari browser will continue to be the default on those devices but this showing that google is putting its own browser on apple's device, intensifying the rivalry and perhaps raising the question, are they seeing apple pushing them out of maps? they want a foothold. guys, back to you. >> all right. thank you very much, jon fortt. joining me now here is mary thompson. down day overall. not a lot of volume. >> no. seeing high volume. the hospital stocks and the medicare stocks trading three to four times the average daily volume. jon talking about google tech a factor today weaker. markets off the session lows. hit them following the supreme court decision. the trading desk shifted attention there away from the
key stories following to concerns of europe. it doesn't provide any kind of promen tum going in to the second quarter essentially is what traders were saying. nothing positive to take for the current reading of the reading of the current quarter. >> and the banks. a mess. >> take a lock at the sectors driving the markets because it tells the story. tech was weak. financials, second biggest decliner and material. risk-on trade is off today. and then health care. so that's the fifth. there are pockets of strength in there. as you mentioned, the banks. highlighting here two. jp morgan, biggest decliner in the dow. we have been reporting as the colleagues that the report in "the new york times" which says the losses as big as 9 billion -- based on a model. the reporting of cnbc suggests less than that in the final tally. barclays also weaker. of course, pointing down 14%,
one of the banks in the expanding probe on libor. others included citi in the u.s. and then a downgrade and banks and tech are the story with the leading loodsers today on wall street. >> given the percentage losses in the financials that it would be a worse day in the dow jones industrial average. not that we want a triple digits but it could have been a loss worse. >> right. >> thanks. over to you, ty. >> thanks, sue. stocks are down sharply on the health care ruling and ongoing concerns of europe. what does it take to bring retail investors back to the mrkt and where are they putting their money right now? joining us is michael fredericks, head of asset allocation. welcome. you got $100 billion in kleclie assets and multi-asset them to success. let's talk a little bit and get your quick reaction to the health care design and what
affect if any you think it has on the equity markets and the overall economy and then more pointed discussion about your stock picks. >> thanks for having me, tyler. i appreciate it. look at the result today and seems likely this is only going to polarize two parties that don't have a lot of common ground already and will set up very interesting discussions after the election and the lame duck session and overall in our opinion this just leads to more uncertainty around the fiscal cliff so generally speaking probably not a positive for the markets. within the income strategies we manage, we have very little exposure to stocks directly involved. we have major pharma companies. >> so much of the focus these days, michael, is on producing income. partly demographic, obviously. partly the idea people want to
get that sort of steady guaranteed return. your fund as i see it has about 50% in high yield corporates and high dividend stocks. why are you so heavily angled to those two categories right now? >> well, we like the categories to begin with but the bigger picture is trying to run a strategy of fund that is really outcome oriented so we think thereat typical investor's probably in retirement or near retirement and that investor already owned roughly half in stocks and bonds. the issue for those individuals is that the barclays aggregate yields less than 2% and the s&p right around 2% so our goal in our strategy is to take the same level of risk that investors already have but build a tactical income oriented portfolio. we happen to like high quality, high quality dividend stocks and own about 50 stocks. about 20% of the portfolio.
the dividends over 4% and the growth rates over 8%. high yield we think is an asset class that you won't see much in the way of defaults this year. we expect something like 2% to 3% rates of fault and the yields we think are compelling. >> give me an example within the high dividend growth portion of the fund that you would describe as kind of a classic stock in your portfolio and explain why. >> so we have got -- we don't own a lot in equities, only 20% in equities but of the stocks we own about a third in consumer staples. i'll throw out a couple of name that is are in europe. we only have 2% of the fund in europe but a couple of consumer staples names that are traded, domiciled in europe that don't necessarily have a lot of european yields and anheuser busch is a great example. here's a company although traded
in belgium and vast majority of the revenues from the u.s. and latin america, the earnings growth is reasonable. the dividend yields we think are compelling and good growth rates. another name is unilever. in both cases, companies should be able to weather a really trying economy in the developed markets and they have good exposure to emerging markets where you see very strong underlying gdp growth. >> michael, we appreciate it. hope to see you again soon. >> thanks very much. >> sue? we'll take a quick break and then back to health care. house republican tom price is here with his unique view as a lawmaker and a doctor coming up. take a look at the insurance sector faring in the trading session. the managed care stocks are on the downside today with wellpoint, etna and united health care all losing ground. without a reservation...
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coming up, the top of this hour, we are all over the supreme court's big health care decision. the ruling defined the centerpiece of the president's law as a tax. when's it going to cost and who's going to have to pay for it? bill zbroegross is here. we'll find out whether he thinks the u.s. is the place to be. plus rim told us to report a loss after the bell today. downtown josh brown joins us to defend the pick and read the tea leaves on the turnaround progress. lots coming up. back now to sue and tyler on "power lunch." >> thank you very much, mandy. airbus bringing jobs to the usa. cnbc's phil lebeau joins us live from chicago with the details on the good news for people down there. >> huge news, sue. this is confirmed. we have talked with sources saying boeing is building a
plant in mobile, alabama. excuse me, not boeing but airbus. look in the range of 4,000 to 5,000. the alabama plant would be the second airbus plant outside of europe. what will they build there? the a-320 and a number of planes withen the family. they will be built there and keep in mind this is an important plane in the narrow bod low market because you have american placed a large order. u.s. airways flies them. plan to expand the order book and looking at boeing and airbus, in the narrow body, the two sellers, airbus's a-320 outsells the boeing 737. the a320 long been the power horse for airbus and looking at shares see an interesting split here. year to late airbus up. look at the split of boeing and airbus. this is the parent. in the last six months, really been a split here, tyler, with
eads up and boeing slightly negative. tyler? >> phil, thank you very much. after the supreme court upheld the president's health care plan, what is next for the gop? and really for the country. as this law, this law begins to take effect. representative tom price of georgia is a republican and he is also a physician. congressman price, welcome. good to see you, sir. >> thank you. >> terrific. we had on just a few moments as you may know chris van hollen from the other side, democrat of maryland. he says this is whatever the supreme court says, not really a tax. the extent of individuals to buy health care coverage, what is really at work here is forcing those individuals to take personal responsibility for their health care, join in to the system so that they are not, quote, freeloading the system. how do you respond to that? >> under penalty of law with the
irs enforcing it. this law was a bad idea when it was passed. the american people oppose it. we will as house republicans push forward as diligently as we can to repeal the entire piece of legislation. not just because of the tax but removes $500 billion from medicaid. puts in place a 15-member board to determine what kind of care is paid for for seniors and violates the principles we hold dear with health care. accessibility. affordnability affordability. quality and choices. the american people went repeal and then moving forward to solve the challenges we face without putting washington this charge. >> you mentioned patient centered. what would you do as a physician that would be patient centered? the centerpiece of this law is the so-called mandate, the individual mandate. what would the centerpiece of the law you would design be? >> patient centered to me and to the physicians and patients across this land means patients
and families and doctors are making medical decisions. not washington, d.c. and whatever we can do to strengthen the principles i menlgsed, making health care more accessible, affordable, the highest quality, increasing choices for patients is what we need to be doing. hr 3000 gets folks covered and makes certain to save hundreds of billions of dollars in the health care system without putting washington in charge. the good news is there are solutions. that's what the american people want. >> congressman van hollen says this is not going to cost jobs. congressman van hollen says that the cbo found that the effect on job creation is diminished. what do you say on behalf of the republican side? >> not just the republican side but employers and the american people that know that harm's job creation across the land. employers have to set aside more of their money in order to comply with federal regulations and the federal edicts from on
high. when businesses don't have an infinite amount of money. not like the democrats here in washington think we as a government have. so they have to make priorities. they have to make choices. when the federal government says you have to take more of the money, fewer jobs across the land. already demonstrated and increasing premiums for the american people, that's not a way to go and doesn't increase jobs either so whether it's a health care standpoint, financial standpoint or create jobs across the land, the law's a bad idea and why it needs to be repealed. >> the president says it adds 30 million americans to coverage of one way or another. governor romney says that some 20 mlg americans who have coverage now will lose the choice that they have and like. what do you say? >> well, i would agree with governor romney, soon to be president romney. if you like what you have, you can't keep it. the edict in the law, the dictate in the law is to buy the
2k3w0 government says you must buy. that's wrong. we believe you can get folks covered, 30 million to 50 million uninsured out there and with the coverage they want for themselves and for their family. not that the government wants for them. that's the difference of republicans and democrats here in washington. we trust people. they trust government. >> congressman price, thank you very much. you made the case very clearly. we appreciate it. >> thank you so much. take care. have a great day. >> you bet. you, too. health care is the big story of the day and we are not losing sight of the markets. the dow right now down 155 points. weakening a little bit in the last 55 minutes or so. the s&p is off a little more than 1% and nasdaq down 50 points, nearly 2% slide there at 2824. it is now lower for the month of june. [ male announcer ] olympic tennis players bob and mike bryan
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it and continue to analyze it. and now they're really looking for direction out of europe and not getting it yet and you can feel the market starting to get nervous. >> weaker in to the close? >> i think so. we'll test 1300. >> what's for dinner tonight? >> jumbarto. it's like a mix. it's like clean out the fridge. >> that's what they're trying to do in europe, right? >> great italian dish. >> ty, back over to you guys. >> thanks very much. he had scallops as the recipe yesterday. they looked fantastic. jeff, we talked about the drug companies, the hospital companies, the insurers but you have a company moving on the decision. >> it is. nice little bump today. 5% in air methods. they conduct emergency transport via helicopters for the hospitals here. >> so the connection is to the hospit hospitals. they could move up. >>